{"id":568,"date":"2020-05-25T07:32:25","date_gmt":"2020-05-25T12:32:25","guid":{"rendered":"https:\/\/www.padleads.com\/blog\/?p=568"},"modified":"2020-05-25T07:32:48","modified_gmt":"2020-05-25T12:32:48","slug":"income-documents-you-can-ask-from-a-potential-renter","status":"publish","type":"post","link":"https:\/\/www.padleads.com\/blog\/income-documents-you-can-ask-from-a-potential-renter\/","title":{"rendered":"Income Documents You Can Ask From a Potential Renter"},"content":{"rendered":"\n

If you posted a listing of your vacancy in property listing syndication platforms like Padleads<\/a> and you received many applications from interested tenants, you would have to screen all applicants if they qualify to rent your units. One of the main basis of accepting a tenancy application is the client’s capacity to pay rent.<\/p>\n\n\n\n

A proof of income can prove that a tenant can pay rent on time, therefore giving a high level of assurance to you as a landlord that you will not encounter payment problems if you let them rent your units; delayed payments can cause a lot of strain to your business.<\/p>\n\n\n\n

As much as possible, collect two or more of these documents to get a better glimpse of an applicant’s financial status:<\/p>\n\n\n\n

Tax returns<\/h2>\n\n\n\n

Tax returns are the best proof of one’s of a potential renter’s current income. It also shows unearned income and overall income history. Ask their 1040 form because it provides more detailed information compared to just their recent tax returns.<\/p>\n\n\n\n

\"person<\/figure>\n\n\n\n

Pay stubs<\/h2>\n\n\n\n

Their pay stubs from the last 2 to 3 months can be your basis for you to evaluate how stable their source of income is, if they receive their pay on time, and their gross and net salary. This can be obtained from employers of part-time or full-time employees.<\/p>\n\n\n\n

W-2 form<\/h2>\n\n\n\n

Request this from your client along with his pay stubs. The form will indicate their previous year’s declared income as well as how consistent they receive income.<\/p>\n\n\n\n

Verification from an employer<\/h2>\n\n\n\n

Along with their proof of income, request for their employment references. It’s best if it’s their employer, someone from the payroll, or whoever is authorized to disclose salary information. Contact them and confirm if the income written on their pay stubs or W-2 form is accurate. If there are discrepancies, consider it as a red flag.<\/p>\n\n\n\n

1099 form<\/h2>\n\n\n\n

This is equivalent to a W-2 form, but for self-employed individuals. You can use this as a basis for their income, wages, and taxes.<\/p>\n\n\n\n

Bank Statements<\/h2>\n\n\n\n

This is the best supplementary document to a 1099 form. Since it’s difficult to verify the cash flow of a self-employed individual because they don’t have an employer, their bank statements can get you a glimpse on how liquid their funds are, if they are financially stable and responsible. Since their monthly income varies and there is the possibility of months with very low income, a savings account with enough funds is a sign that they are financially capable to pay rent even in their low-income months.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Pension Distribution statements<\/h2>\n\n\n\n

For retired renters, they can provide you with a 1099-R form if their source of funds is from pensions, annuities, or various retirement plans. Seniors and retired workers can also provide you a Social Security Benefits Statement to verify their income.<\/p>\n\n\n\n

Court-Ordered Award Letters<\/h2>\n\n\n\n

For divorcee tenants who have children, they may be receiving compensation from their ex-partners through alimony or child support. They can use the compensation agreement that they can obtain from the court as a proof of cash source. <\/p>\n\n\n\n

\"woman<\/figure><\/div>\n\n\n\n

Workers’ Compensation Letter<\/h2>\n\n\n\n

If the renter was injured while in the line of duty, there is a high likelihood that they are receiving workers’ compensation. They can obtain documentation of this from their insurance company or the court that is handling their case.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you posted a listing of your vacancy in property listing syndication platforms like Padleads and you received many applications from interested tenants, you would…<\/p>\n","protected":false},"author":5,"featured_media":570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[24,13,23,19,1],"tags":[],"yoast_head":"\nIncome Documents You Can Ask From a Potential Renter - Padleads<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.padleads.com\/blog\/income-documents-you-can-ask-from-a-potential-renter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income Documents You Can Ask From a Potential Renter - Padleads\" \/>\n<meta property=\"og:description\" content=\"If you posted a listing of your vacancy in property listing syndication platforms like Padleads and you received many applications from interested tenants, you would…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.padleads.com\/blog\/income-documents-you-can-ask-from-a-potential-renter\/\" \/>\n<meta property=\"og:site_name\" content=\"Padleads\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-25T12:32:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-25T12:32:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.padleads.com\/blog\/wp-content\/uploads\/2020\/05\/8a5ej1-mmq-1024x683.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Charles T\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.padleads.com\/blog\/#website\",\"url\":\"https:\/\/www.padleads.com\/blog\/\",\"name\":\"Padleads\",\"description\":\"Guaranteed: more leads for your apartment\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.padleads.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.padleads.com\/blog\/income-documents-you-can-ask-from-a-potential-renter\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.padleads.com\/blog\/wp-content\/uploads\/2020\/05\/8a5ej1-mmq-scaled.jpg\",\"contentUrl\":\"https:\/\/www.padleads.com\/blog\/wp-content\/uploads\/2020\/05\/8a5ej1-mmq-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"focus photography of person counting dollar banknotes\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.padleads.com\/blog\/income-documents-you-can-ask-from-a-potential-renter\/#webpage\",\"url\":\"https:\/\/www.padleads.com\/blog\/income-documents-you-can-ask-from-a-potential-renter\/\",\"name\":\"Income Documents You Can Ask From a Potential Renter - 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